CEO and billionaire Elon Musk denied news reports that his rocket and satellite maker SpaceX is seeking a $800 billion valuation through a share sale.“There has been a lot of press claiming SpaceX is raising money at $800B, which is not accurate,” Musk said in a post Saturday on his social media platform X. “SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” he said.This comes after reports claimed that SpaceX is set to reach a $800 billion valuation as it’ll launch a new secondary share sale. Hitting that mark would make the rocket maker the most valuable private company in the US, surpassing OpenAI.Executives had also said the company is weighing an IPO next year — a move investors have long anticipated. SpaceX has become a critical partner for the US government, launching satellites and astronauts, while its Starlink broadband network is widely used around the world, including in remote parts of the US and in the war in Ukraine.Starlink now has over eight million active customers, a factor many investors believe is driving SpaceX’s surging valuation, the Wall Street Journal had reported.The Texas-based company continues to fly missions for commercial satellite operators and for US agencies including NASA, the Pentagon and the intelligence community, while also launching its own satellites. Around 9,000 Starlink satellites are now in low-Earth orbit, providing high-speed internet to homes, businesses and airlines.SpaceX is also developing a service that will connect satellites directly to mobile phones. To support that effort, the company has agreed to buy spectrum from EchoStar, committing over $20 billion in cash, stock and debt to secure the rights.
